Kraken CEO: Traders Must Protect Themselves

Kraken CEO: Traders Must Protect Themselves

Being the chief executive officer of one of the major cryptocurrency exchanges in the world, Kraken, Jesse Powell is concerned about traders’ security. During an interview with CNBC, Powell noted that each investor is responsible for their funds and own security.

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Being the chief executive officer of one of the major cryptocurrency exchanges in the world, Kraken, Jesse Powell is concerned about traders’ security. During an interview with CNBC, Powell noted that each investor is responsible for their funds and own security.

And we couldn’t agree more. The cryptocurrency space is lucrative not only for investors but for culprits as well. We are only a month and a half through 2018 and already a total of $700 million have been stolen from cryptocurrency exchanges. The hackers are working around the clock to beat security systems of both wallets and online markets. The fact that the market is unregulated only helps them run away with other’s money.

Jesse Powell who also happens to be a co-founder of Kraken believes that the future of digital currencies is bright, pointing that the market cap has the potential to reach $1 trillion in 2018. Meanwhile, fraudsters are lurking around the corner. In most recent cases of exit scam ICOs, LoopX and Prodeum ran away with millions of investors’ money. The funny thing is that there is no single law yet that protects investors in worst-case scenarios.

Traders must not rely on exchanges when it comes to funds storage but rather us personal desktop wallets or even better, cold wallets. Kraken itself tries to back investors’ backs as much as possible by thoroughly investigating upcoming initial coin offerings. However, technical issues managed to disturb Kraken users in January, when a supposedly quick update took more than a day.

Powell emphasized that crypto trade is risky and both experienced and new traders should not invest more than they can afford to lose. Several governments have voiced similar warnings so far.

Apart from the security notice, Jesse Powell believes in cryptos. He just like the Winklevoss brother predicts enormous market growth in the following years. His arguments are that blockchain specialists and developers are not as rare as they used to be and this may lead to both faster development and adoption of cryptocurrencies.

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